Singapore Economic Stimulus
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A Singapore economic stimulus is right now order of time as Singapore, like many other countries, has been hit hard by recession. Various sectors of Singapore’s economy have had to cut down on jobs such as transportation sector and insurance industry.
It is being widely believed by economists and other financial authorities that this situation can only be addressed by an economic stimulus for Singapore economy. Economic conditions in Singapore have contrived to bring down rates of interest of insurance policies that are being offered over there.
This has led consumers in Singapore to avail insurance policies as part of pay-out plans as well as annuities. An economic stimulus to Singapore economy would clearly help in addressing these problems being faced by banking sector, which is an important part of national economy.
Singapore’s economy is in a sorry state. Expatriates working here have been heading home in large numbers and amount of traffic has also gone down. Amount of employment has decreased in Singapore as well. It seems that a Singaporean economic stimulus is only way out of this mess.
Singapore’s national government has played a stellar role in this regard. It has been using its exceptionally strong financial reserves to try and encourage consumer spending and make sure that various outlets in Singapore stay open so that economy keeps running.
Much of Singapore economic stimulus has come from financial reserves of Singapore that amounted to more than 100 billion Singapore dollars. It has brought about a budget, which was announced in a rather hasty manner. As per this budget, it was decided that an amount of 20.5 billion Singapore dollars would be utilized as a Singapore economic stimulus.
This money was to be provided as a form of financial aid and intended beneficiaries were to be its citizens. As per this economic stimulus, tax rebates were to be provided to mill and land owners. Main aim behind this move was to make sure that renters of these entities had to pay lesser charges.
As a part of this Singapore economic stimulus, national government took responsibility of USB and DBS that provide retirement banking services and were feeling impact of global recession. However, doubts regarding effectiveness of this economic stimulus arrangement have been coming up from various quarters.
